GHANA AND BURKINA FASO SIGNS MoU TO IMPROVE TRADE AT BORDERS

Ghana and Burkina Faso have signed a Memorandum of Understanding to improve trade at borders and the SIC insurance is a guarantor for this Single Transit Guarantee Scheme.

Traders and importers who conduct business along the Ghana-Burkina Faso corridor should be relieved of some of the inefficiencies they face following the roll out of the Single Transit Guarantee Scheme.

Per the scheme, traders and importers will pay a single premium on the onset of a journey to cover the cost of entire movement of goods on the corridor.

The scheme will also facilitate the documentation process and reduce paper work that is involved in trading activities.

Speaking after signing an MOU between Ghana and the Burkina Faso Chamber of Commerce, Managing Director of SIC Insurance, Stephen Oduro said the scheme will also ensure that custom officials receive accurate payment on duties.

“Besides curbing cargo theft, the system will also help seal loopholes that cause member countries loss in revenue through suspected under declaration of the value of export or cargo theft”.

“Again the implementation of the Single Transit Guarantee Scheme will help remove the opportunities presently exploited by some middlemen at our ports who use fake Tax Identification Numbers to clear goods for transit and in turn divert them unto the local market”.

Mr. Oduro added that Ghana and Burkina Faso must continue to work hand in hand to improve trade relations and systems.

He stated: “We hope the continuous consultations with our partners from the Customs Division in both Ghana and Burkina Faso will progress smoothly and speedily to enable us have the integration of Customs systems as well, since this will further improve interstate trade relations”.

Meanwhile Chief Executive Officer of the Burkina Faso Chamber of Commerce in Ghana, Victor Oudrago has expressed optimism that the new scheme will reduce the loss of goods by importers of both countries.

“We have encountered so many problems during the transit process, a lot of cargo not getting to the exit point, a lot of importers being in serious problems in Burkina Faso, so many agencies have been taken away from their jobs because of one or two problems that we are trying to avoid”, he lamented.

Victor said: “So I want to thank Ghana and Burkina Faso for this initiative which is going to make trade much easier for us”.